Valvoline price target lowered to $46 from $48 at Baird

Baird analyst Justin Kleber lowered the firm’s price target on Valvoline (VVV) to $46 from $48 and keeps an Outperform rating on the shares. The firm said its solid finish to FY24 was overshadowed by a softer profit outlook due to cost uncertainties and a step-up in IT spend; and commentary around increased “pockets” of promotional activity from tire/repair shops.